Economic development corporation

From Wikipedia, the free encyclopedia

This article or section is written like an advertisement.
Please help rewrite this article from a neutral point of view per Wikipedia policy.
Mark blatant advertising for speedy deletion with {{db-spam}}. (help, talk)

An economic development corporation is an organization common in the United States, usually a 501(c)(3) non-profit whose mission is to promote economic development within a specific geographical area. These organizations complement Chambers of Commerce.

[edit] Business Intelligence Database Systems for Economic Development

Economic development policy is measured by job opportunities, workforce development and business retention and expansion. Business Intelligence Systems are used to enhance economic development, workforce development and business retention and expansion. Business Intelligence Systems for the purpose of Business Retention and Expansion (BRE) are designed to store and report on data used for multi-dimensional, holistic economic development strategies. They help the decision processes by using communication technologies, data, documents, knowledge, and analytical models to identify and solve issues. Business Intelligence Database Systems offer a wide range of solutions for communities, regions and states who want to maximize the return on investment from their retention and expansion programs. For instance, in one state, the current businesses form its existing economic base. These businesses provide the existing jobs and tax base for local and state entities. They also create new jobs, and in fact, studies show that 60-80% of future job growth comes from the expansion of existing businesses. Business Intelligence database software tools make use of community profiling to measure community assets. They also aid professional site location consultants in advising businesses on the most probable business location and/or relocation. Economic development measurements like job creation, economic output and taxable basis are also kept within the business intelligence database system. Questionnaire Development is also a large part of business intelligence database systems. Each community has unique needs and characteristics that should be addressed by its business retention survey. The survey should be customized or tailored to measure the parameters important to the economic development objectives.

Example of a Business Intelligence System for Economic Development Companies

Business Intelligence Database Systems can be categorized into two major types: model-driven and data-driven. Model-driven systems tend to utilize analytical constructs such as forecasting, optimization algorithms, simulations, decision trees, and rules engines. Data-driven systems deal with data warehouses, databases, and online analytical processing (OLAP) technology. These systems provide tools necessary for effective economic development and site selection analysis. The database provides information necessary when considering a business expansion or relocation including property searches, site-specific demographic analysis, industry mapping, and geographic advantages.

Executive Pulse is an example of Business Intelligence System that can be customized for individual economic development company’s needs. This system has been widely implemented in the United States and Canada. The company website also features a free newsletter with excellent current articles on business retention.